Forexsignals.com is managed by multiple traders who call themselves mentors and offer their analysis and education to traders. They have different trading styles and claim to insert more than 55 years of trading experience in beginner and amateur investors through their subscription packages. To better understand their service, we will cover all the important ups and downs and see if a retail trader should use them or not.
Forexsignals.com trading strategy
Forexsignals.com uses three different approaches to trading:
- Naked. This uses price action patterns with key support and resistance levels for trading.
- Propulsion. This is an intraday trading strategy that involves the use of indicators.
- Trend surfing. As the name indicates, this trend trading methodology uses a swing approach towards the markets.
There is no trading history presented by the company that we can use to analyze their approach to the markets.
Forexsignals.com backtesting report
The developers are not keen to show the backtesting report of their robots. This is quite a poor practice which raises many concerns on the authenticity of the company.
Forexsignals.com live results
The developers are not keen to share the statistics of their live records. They are only bent on attracting customers to their home page.
It is easy to link the performance report into Myfxbook and share the link with traders. Failure to use such a thing states that the providers are not profitable in their trades and are not interested in maintaining transparency.
Some features of Forexsignals.com
Forexsignals.com has the following features:
- It has multiple strategies that traders can choose from.
- There are various algorithms available to manage your trades and get signals.
- The signals are available via multiple subscription plans.
- Numerous mentors are present to answer questions by traders.
There is no information on the currency pairs the providers are trading. From their writings, it seems that they are trading on the forex market. There are no ideas on the deposit traders should have in their account to follow the signals.
Main things that make Forexsignals.com unreliable service
Let us go over several things that make the company unfit for use.
No transparency
The company is not willing enough to provide us with their trading records. Through performance statistics, we can see how much of a drawdown the provider has and their monthly output. Lack of transparency is a key method of scammers to fraud new traders in the financial industry. This also hides the poor results of the trading methodology.
No insight on strategy
Within a few lines, the signal providers summarize their trading strategy for those willing to join their service. This is not enough for traders who are looking to select a specific style to trade.
Pricing details
Traders can purchase the programs and signals offered by Forexsignals.com at a starting price of 79 Euros a month. It is also possible to get 6 and 18 months access at 41.5 and 26 Euros charged every 30 days. There is no money-back guarantee.
Other notes
Customer reviews are present on Forex Peace Army. The company has a rating of 4.454 for a total of 162 pieces of feedback. A trader says that the providers are scamming customers and are blowing hundreds and thousands of investors’ money. He also says that they are not providing results of their trading and make lame excuses for not presenting some.
Another customer states that the company is funneling their broker and is not interested in the well-being of traders who are in the program. They are not interested in giving out signals but are more focused on selling their subscription.
